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Michigan Compiled Laws, Chapter 500. Insurance Code of 1956 § 500.5517

Current as of January 01, 2025 | Updated by Findlaw Staff

Sec. 5517. (1) A shareholder of a dividing insurer is entitled to dissent from, and obtain payment of the fair value of the shareholder's shares in connection with, a division under this chapter in which the dividing insurer does not survive the division, unless the shares are converted into or canceled solely for 1 or more of the following:

(a) Cash.

(b) Shares that are listed on a national securities exchange or designated as a national market system security on an interdealer quotation system by the National Association of Securities Dealers, on the record date fixed to vote on the plan of division.

(2) Section 1762 of the business corporation act, 1972 PA 284, MCL 450.1762, applies to a shareholder exercising the rights in the same manner as would be applicable to a merger of a domestic corporation.

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Cite this article: FindLaw.com - Michigan Compiled Laws, Chapter 500. Insurance Code of 1956 § 500.5517 - last updated January 01, 2025 | https://codes.findlaw.com/mi/chapter-500-insurance-code-of-1956/mi-comp-laws-500-5517/

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